Mediobanca submitted a bid of € 6.3 billion ($ 7.2 billion) for the Italian Insurance Association Management Sector Assicurazioni Generali, opening a possible defense strategy for bank based in Milan, amid the growing wave of agreements in Italy.
Mediobanca, who is facing a acquisition of a acquisition by Banca Monte dei Paschi di Siena, offers to pay for the agreement by exchanging its shares at Generali Bank, she said in a statement early today (28.4.2025), according to a Bloomberg report. Mediobanca is today the largest shareholder of Banca Generali. Through her influence on Generali, Mediobanca under the chief executive, Alberto Nagel, has become a key player in the series of interconnected agreements unfolding in Italy since last year.
The offer for Banca Generali gives shareholders a further option for growth in addition to the Monte Paschi deal, which is opposed by the bank.
Banca Generali’s shares won up to 9.6% after opening in Milan today. Mediobanca shares rose 1%.
The exchange relationship for the shares of Generali Bank is set to 1.70 shares of Assicurazioni Generali, except for the dividend, according to the Mediobanca announcement.